Older MCQs might not have the typical A, B, C,
D
choices. They
have choices 1, 2, 3, and a combination of them is the answer. Below is the key that maps such
combinations to the answer.
A
1, 2 and 3 are correct
B
1 and 2 only are correct
C
2 and 3 only are correct
D
1 only is correct
how to calculate and record the adjustments needed and the effect on financial statements in respect of: accruals and prepayments of income and expenses, irrecoverable debts, irrecoverable debts recovered and allowance for irrecoverable debts, depreciation, inventory valuation, correction of errors
how to calculate key accounting ratios to measure profitability, liquidity and efficiency: profitability ratios: gross profit margin, mark-up, profit margin, return on capital employed, expenses to revenue ratio (operating expenses to revenue ratio), liquidity ratios: current ratio, acid test ratio, efficiency ratios: non-current asset turnover, trade receivables turnover (days), trade payables turnover (days), inventory turnover (days), rate of inventory turnover (times)
how to prepare partners’ capital and current accounts to record changes required in respect of goodwill and revaluation of assets on: a change in the partners’ profit-sharing ratio, the introduction of a new partner, the retirement of an existing partner, the dissolution of a partnership
